Union Budget 2019: Pradhan Mantri Karam Yogi Scheme To Extend Pension To 3 Crore Retailers And Shopkeepers, Announces Nirmala Sitharaman

Union Budget 2019

Pension benefits to 3 crore retail traders & shopkeepers with revenue of less than ₹1.5 crore, says Finance Minister Nirmala Sitharaman

Written By Chetna Kapoor | Mumbai | Updated On:

Union Finance Minister Nirmala Sitharaman has started presenting the Union Budget in the Parliament. The objective of our government is a strong nation and strong citizen, said Finance and Corporate Affairs Minister Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Lok Sabha on Friday.

The first budget of Narendra Modi government's second tenure is the maiden one for Sitharaman, who is the second woman finance minister of India after Indira Gandhi. "Our objective was and continues to be 'Mazboot Desh Ke Liye Mazboot Nagrik'. With determined human efforts the task will surely be completed," she said.

Talking about the pension scheme for business owners, FM Sitharaman said: "The Government will extend pension benefits to 3 crore retail traders and shopkeepers who have an annual turnover of less than ₹1.5 crore. This will be called the PM Karam Yogi Maan Dhan scheme. 

Enrollment for the same will be kept simple - aadhar and bank account. Rest will be on self declaration."

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She also said that Government will create a payment platform for MSMEs to enable them to pay bills, thereby cutting down the time. The process can be completed within 59 minutes, she stressed. "Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans," she added.
Earlier, the Union Cabinet approved the Budget 2019-20

The Finance Minister on Thursday tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian on Thursday.

This is the 89th Union Budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year

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Breaking the tradition of carrying a briefcase to the Parliament for presenting the Budget, she posed outside the House with a ledger book instead.

(With inputs from ANI)

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